Magma Health Insurance vs COCOCure Health Insurance

Did you know covering medical expenses with a health insurance plan costs you a lot lesser in the long run? Health insurance is not only a protective tool but an effective cost-management strategy as well. Most insurance companies offer health plans that are in sync with your financial capacity and health requirements. Consider Magma Health Insurance and COCO Cure Health Insurance as examples. Both the companies provide affordable health care. Here’s a comparative study on their offerings.

Magma Health Insurance and COCO Cure Health Insurance – Overview 

ParameterMagma Health InsuranceCOCO Cure Health Insurance
Number of health insurance plans57
E-servicesPolicy sale
Policy renewal
Claim settlement
Branch locator
Online consultation
24×7 customer service
Policy sale
Policy renewal
Claim settlement
Online consultation
Branch locator
24×7 customer support 
Claim settlement ratio91.85%84.31%
Incurred claim ratio90%78.9%
Hospital network4,100+N.A.

Source: Insurance Regulatory and Development Authority of India (IRDAI) Annual Report 2018-19 

Health Insurance Policy: Magma Health Insurance versus COCO Cure Health Insurance

Magma Health Insurance offers five health insurance plans catering to individual, family, senior citizen, and employer-employee needs. These provide coverage against critical illnesses, personal accidents and COVID-19, among others. 

Likewise, Coco Cure Health Insurance offers seven health care policies for individual, family, senior citizen, and employer-employee needs. Critical illnesses, seasonal ailments (like dengue/ malaria) and personal accidents are covered under the plans. 

Here’s a comparison of three of the plans offered by Magma Health Insurance and COCO Cure Health Insurance

Individual and Family Health Insurance Policy: 

Key benefits offered by Magma Health Insurance include:

  • 5 sub-plans with varying sum assured amounts
  • Inclusion of pre, post and in-hospitalization charges
  • Coverage for modern treatment like robotics surgery and oral chemotherapy 
  • Reimbursements for day-care and AYUSH treatment 
  • Cover for Lasik surgery, bariatric surgery and psychiatric treatment 

Coco CURE Health Insurance offers plans on an individual and a family floater basis. Key features are:

  • In-patient, pre-and post-hospitalization expense coverage
  • Counselling services for managing stress/ behavioural disorders
  • Inclusion of modern treatment, AYUSH treatment and day care procedures
  • Special coverage for infertility, bariatric surgery and vector-borne diseases

Personal Accident Policy:

Magma Health Insurance offers a personal accident policy for individuals. But it also provides an extended coverage for specific family members. Key benefits include: 

  • Low premium rate and high sum assured 
  • Coverage for permanent and temporary total/ partial disablement 
  • Financial cover in case of injury/ death 
  • Daily allowance of Rs.500 during hospitalization

Coco Cure Health Insurance offers Coco Protect – an insurance policy for personal accidents available both as an individual and a family floater plan. Some of the notable features are as follows: 

  • 200% of the insured amount paid in cases of fatalities from accidents
  • 150% of the insured amount paid in cases of permanent total disablement 
  • Coverage for permanent partial disability as well as temporary disability 
  • Child tuition benefit 
  • Trauma counselling 
  • Physiotherapy services
  • Daily hospital cash benefit

Arogya Sanjeevani Policy: 

As per the mandate laid down by the Insurance Regulatory and Development Authority, all insurance companies must provide affordable health plans. These are known as Arogya Sanjeevani policies, providing standard health care coverage at reasonable premiums. Both Magma Health Insurance and Coco Cure Health Insurance offer Arogya Sanjeevani health insurance: 

Features of Magma Health Insurance Arogya Sanjeevani Policy: 

  • Covers expenses for day care procedures and AYUSH treatment 
  • Reimburses pre and post hospitalization expenses
  • Includes coverage for dental treatment, cataract treatment, plastic surgery if caused due to disease/injury 
  • Provides option to pay premiums in monthly, quarterly, or yearly instalments 

Features of Coco Cure Health Insurance Arogya Sanjeevani Policy: 

  • Provides extensive coverage for family members
  • Allows premium payment in monthly, quarterly, half-yearly, yearly instalments 
  • Does not require medical test for individuals up to 50 years of age
  • Offers lifetime renewability and hassle-free claim settlement 

With a detailed comparison of Magma Health Insurance versus CocoCure Health Insurance, your purchasing decision becomes easy. For further help, you can reach out to a professional insurance expert to purchase health insurance.